Student Funds

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  • #69379
    timmytulip85
    Participant

    Hello I have an upcoming appointment to show the rest of the documents in my action plan and the MRF. I am a student currently and wanted to know can any refunds I receive from my college be used towards the MRF? I also wanted to know if you don’t have the full MRF amount but every thing else in your action plan what would happen? Thank You

    #69380
    purdynerdy
    Participant

    I’m unsure about your refund. I would imagine it would, you likely have to supply a letter of explanation.

    If you don’t have your MRF, then you cannot be qualified at that time.

    #69381
    Nelsont
    Member

    MRF is your money. As long as there is a clear and legal paper trail as to its origins it doesn’t matter where it came from.

    What it will not count toward is payment shock.

    I don’t believe MRF can be discounted. It is one of the most fundamental principles in nacas program. It is one thing to connect the dots and say oh well you have demonstrated good habits let’s have the verification of employment slide until you go to credit access. It’s another thing completely to say you don’t have enough money to buy a house but, we are going to let you try anyway.

    #69382
    timmytulip85
    Participant

    ok thank you

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